Robinhood Markets Inc. (NASDAQ:HOOD) added nearly 1 million funded customers during the second quarter—its biggest quarterly increase in almost five years—and executives said Space Exploration Technologies Corp. (NASDAQ:SPCX) blockbuster IPO was one of the key drivers behind the surge.
Asked about the jump in customer growth during the earnings call, CFO Shiv Verma said Robinhood benefited from several tailwinds, including strong market conditions, new product launches and its acquisition of WonderFi. But he also singled out SpaceX’s public debut as a meaningful contributor.
“One million funded customers, the most we’ve added in a quarter in nearly five years since the IPO… variety of different vectors…strong market backdrop…new products that came out. … We also had the SpaceX IPO, which helped. We had an acquisition in the quarter, which provided a couple hundred thousand accounts.”
The comments suggest one of the year’s biggest IPOs not only drove trading activity but also helped Robinhood attract a fresh wave of customers as retail investors flocked to the platform.
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